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Registration number: 05289854

Hardcloud Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Hardcloud Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Hardcloud Limited

Company Information

Directors

Mr RW Moon

Mr IP Madden

Company secretary

Mr IP Madden

Registered office

Unit M3
Hilton Park
East Wittering
Chichester
West Sussex
PO20 8RL

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hardcloud Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hardcloud Limited for the year ended 30 June 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hardcloud Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hardcloud Limited and state those matters that we have agreed to state to the Board of Directors of Hardcloud Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hardcloud Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hardcloud Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hardcloud Limited. You consider that Hardcloud Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hardcloud Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

13 February 2024

 

Hardcloud Limited

(Registration number: 05289854)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

38,803

51,737

Tangible assets

5

3,040

1,760

 

41,843

53,497

Current assets

 

Stocks

6

297,209

297,640

Debtors

7

55,840

61,255

Cash at bank and in hand

 

316,331

442,860

 

669,380

801,755

Creditors: Amounts falling due within one year

8

(669,454)

(731,529)

Net current (liabilities)/assets

 

(74)

70,226

Total assets less current liabilities

 

41,769

123,723

Creditors: Amounts falling due after more than one year

8

(19,908)

(29,923)

Net assets

 

21,861

93,800

Capital and reserves

 

Called up share capital

9

70

70

Capital redemption reserve

20

20

Retained earnings

21,771

93,710

Shareholders' funds

 

21,861

93,800

 

Hardcloud Limited

(Registration number: 05289854)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
Mr RW Moon
Director

.........................................
Mr IP Madden
Company secretary and director

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit M3
Hilton Park
East Wittering
Chichester
West Sussex
PO20 8RL

These financial statements were authorised for issue by the Board on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

25% RB

Office equipment

25% RB

Plant & machinery

20% SL

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Amortisation

Asset class

Amortisation method and rate

Other intangible assets

4 Yrs SL

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 10).

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2022

92,737

92,737

At 30 June 2023

92,737

92,737

Amortisation

At 1 July 2022

41,000

41,000

Amortisation charge

12,934

12,934

At 30 June 2023

53,934

53,934

Carrying amount

At 30 June 2023

38,803

38,803

At 30 June 2022

51,737

51,737

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

100,163

100,163

Additions

2,106

2,106

At 30 June 2023

102,269

102,269

Depreciation

At 1 July 2022

98,403

98,403

Charge for the year

826

826

At 30 June 2023

99,229

99,229

Carrying amount

At 30 June 2023

3,040

3,040

At 30 June 2022

1,760

1,760

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

297,209

297,640

7

Debtors

Current

2023
£

2022
£

Prepayments

17,339

13,194

Other debtors

38,501

48,061

 

55,840

61,255

 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,015

9,768

Trade creditors

 

512,892

617,848

Taxation and social security

 

27,014

52,862

Accruals and deferred income

 

22,250

2,699

Other creditors

 

97,283

48,352

 

669,454

731,529

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

19,908

29,923

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

70

70

70

70

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,908

29,923

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,015

9,768

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2,328.57 per each Ordinary shares

 

163,000

 

163,000

         
 

Hardcloud Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

12

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr IP Madden

Balance owed (to)/ from director

19,635

81,000

(87,729)

12,906

         
       

Mr RW Moon

Balance owed (to)/ from director

28,427

79,000

(86,345)

21,082

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr IP Madden

Balance owed (to)/ from director

5,543

104,881

(90,789)

19,635

         
       

Mr RW Moon

Balance owed (to)/ from director

8,307

104,000

(83,880)

28,427